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Wall Street's Buried Assets - The Low-Priced Value Investing Approach to Find Great Stocks
by Harvey I. Houtkin
260668.pdf
(1.78 MB, 需要: 15 个论坛币)
PREFACE
This book is derived from my many experiences observed and
learned in my 40-plus years on Wall Street. My extensive dealings in
many aspects of Wall Street’s operations and techniques have made
me quite an expert on the realities of this world. Unfortunately, these
realities are all too often not pleasant ones for you, the investor/
trader; nevertheless, they are realities that can, and do, affect you in
the place you least like it—your pocket. Although millions of Americans
are, and have been, involved in the fi nancial markets, most do
not have pleasant things to say about their experiences with “Wall
Street.” Yet, the opportunity and potential for obtaining wealth in
this arena is exceptional.
Despite the fact that I was named “One of the Five in History
Who Made It Happen on Wall Street” by CNBC on the eve of this
millennium, I have had a passion for being a market “treasure
hunter” for over 40 years. Considering the reputation I developed
over the years as a leader in the electronic trading and day-trading
world, many might fi nd it unusual that I have always had a passion
for low-priced value stocks. Call it an addiction or whatever: I love
the adventure and profi tability it has created for me over the years.
During the past 40 years, I have been a member of the New York
Stock Exchange, the National Association of Securities Dealers
(NASD), and various other stock and commodity exchanges, while
for the past 20 years, I have probably been one of the most vocal critics
of Wall Street, as well as one of its most vigilant reformers. I instigated
major reforms into cutting spreads, decimal pricing, increased transparency,
and enhanced market access, and fought for more open disclosure.
I currently own a large NASD market-making fi rm, despite
the fact that I am often critical of many market-making activities. All of my activities have been aimed at leveling the playing fi eld for all market participants.
Long before it became fashionable to criticize the unfairness
and misdeeds of the Wall Street community, I was pushing and fi ghting
for reforms and changes. My trials and tribulations with fi ghting
the Wall Street establishment are well known and have been documented
in many books and articles written by various prominent
authors and columnists. Rather than go into my extensive history of
accomplishments and reform, I suggest you just Google me online
for a host of details.
Once you read about me, it’s easy to see that, simply put, I don’t
trust the conventional wisdom spewed by Wall Street and probably
never will. Historically, there has been virtually no aspect of our
fi nancial community that has been trouble or scandal free. The
problems and abuses of our fi nancial system are so widespread and
deep rooted that they go far beyond just Wall Street itself. Regulators,
media, academia, and even our judicial system have done little
to level the playing fi eld for the public participant. Unfortunately,
I no longer believe much can be done to further reform of our
fi nancial markets; the powers that be are just too powerful and their
self-interest too enormous and entrenched. Rather than giving in or
trying to confront these entrenched realities, restructuring the way
you interact within the market by changing your fundamental way
of thinking would probably be a much more practical and effective
solution for you as an individual investor.
The vast majority of the so-called “experts” on Wall Street would
consider most of the ideas I am putting forth in the following pages
radical. Most of these experts as a rule espouse the conventional wisdom
of Wall Street, which is designed to keep their self-serving game
intact: “they” stay well fed and prosperous, while you watch your savings
disappear.
With this in mind, I will be explaining some of the ways I have
dealt with this reality in hopes of making the system work well for me.
Remember, the name of the game here is making money — and that
means as much money as possible, without giving away or losing our
hard-earned wealth, but there are very few altruistic activities prevalent
in the Wall Street arena. Money is the name of the game; they
want yours, and they will do what they have to in order to get at it.
I believe that when you play the Wall Street game it is typically
on their playing fi eld. Wall Street experts have many advantages,
using many illusions and ploys to get you to do exactly what they
want. In order to win you must understand the situation and be
able to think “outside the box.” Don’t lose hope. It can be done!
You can do it by playing in an arena that the big boys can’t and/or
won’t. Follow this text. Read it and you will learn a course of action
meant for the average investor, one where most of the benefi ts can
be derived directly by you. By its very nature, low-priced value investing
possesses an edge for the “small” guy, and I hope to help show
you the way.
Please note that all the opinions, representations, examples,
commentaries, and statements contained in this text are my own,
developed during my many years of experience in the fi nancial community
dominated by Wall Street. I believe what I say to be true and
accurate. Others may disagree with my reasoning and strategy for a
variety of reasons but, by and large, for selfi sh reasons. Therefore,
read this text completely, and try to take heed and understand what
I am saying and decide for yourself what seems sensible and logically
true. I will try to expose you to my inner way of thinking by explaining
my thought processes regarding low-priced value investing, how
I did my homework, developed my strategies, and realistically found
ways of implementing them.
With that said, please don’t take any particular statement or statements,
advice, or policy contained herein as a universal, absolute fact
or reality. Wall Street and investing in general contain far too many
variables for any particular theory to be taken as universally correct.
Do your research and always watch out for yourself by checking out
and verifying everything you feel is relevant to your situation, or may
be questionable in your mind.
Playing Wall Street is an art, not a science. This text contains my
opinions, realities, experiences, and personal observations of over
40 years in this arena. I hope you will fi nd them helpful, and that
they will make a lasting impression, and guide you to success.
Good luck!
HARVEY I. HOUTKIN
Aventura, FL
December 2007
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